Sharp gains in recent weeks have WTI on track for its biggest monthly jump since December, up 8% in July.
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Buoyed by government production data, oil prices finish at their highest level in nearly two months.
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U.S. crude stockpiles fell a bigger-than-expected 7.2 million barrels last week.
Cuts to oil-and-gas exploration and signs of a potential slowdown in U.S. output play roles in the bullish shift in sentiment.
This week in Oil & Gas history
In oil and gas history this week...The first report of oil in the new world was documented and the "World's Wonder Oilfield" was discovered in Burkburnett, Texas.
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